Deutsche Bank maintained a Buy rating on Energizer (NYSE: ENR) with a price target of $120.00. Comment follow an announced that its Board of Directors has authorized management to pursue a plan to separate the Company's Household Products and Personal Care divisions into two independent, publicly traded companies.

"We believe the household business will trade at 7-8x EBITDA on a standalone basis (15-25% discount to SPB) and personal care should trade at 10-12x. Importantly, these business become takeover candidates with Spectrum a likely buyer for batteries (>8x) and myriad potential buyers for personal care (12-14x), with Chattem (13.1x) and Alberto-Culver (13.6x) appropriate transaction comps, as we have discussed at length in the past. On standalone basis, given aforementioned multiples, we believe the combined businesses are worth $110-$125, with potential upside to $140-$150 in a change of control scenario," said analyst Bill Schmitz Jr.

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Shares of Energizer closed at $97.71 yesterday.